BRIEF-Russia's NLMK: U.S.' possible import curbs on steel will be a 'shock'

  • Reuters
  • Stock Market News
BRIEF-Russia's NLMK: U.S.' possible import curbs on steel will be a 'shock'
Credit: © Reuters.

Feb 20 (Reuters) - Russian steelmaker NLMK NLMK.MM says:

* There will be a systemic shock in the global steel market if the United States imposes import curbs on steel, adding it does not plan to leave the U.S. steel market;

* Its Q4 dividend recommendation will be above the level set out in dividend policy;

* Will disclose its new 5-year strategy in mid-2018 and that the positive effect on its EBITDA from this will be no less than from its 2014 to 2017 strategy;

* It has put on hold a project to increase rolling mill capacity in the United States until it has more clarity on possible U.S. import curbs, and is searching for rolling mill assets in foreign markets;

* NLMK sees Russian domestic demand for steel rising 1 percent to 2 percent a year in the next 10 years;

* Does not consider bidding for India's Essar Steel, adding it is considering "organic growth" projects in India with investments of $100 million to $400 million;

* Plans not to exceed net debt to EBITDA ratio of 1 to 1.5 in next five years, sees this level as "comfortable"; Further company coverage: NLMK.MM

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